Investment Managers
The Florida Prepaid College Board, along with outside investment consultant Callan Associates, uses a strategic and competitive selection process to identify and contract with professional investment managers. Each investment manager is competitively selected based on numerous factors including, but not limited to: investment philosophy and strategy, performance history, organizational experience and financial stability.
Contracts with the investment managers may be terminated by the Board by giving the investment manager 30 days written notice. In the event a contract is terminated or expires, the Board is required under Florida law to obtain any replacement investment management services by means of a competitive procurement process, or, under certain circumstances, it may retain the services of an investment manager through an agreement with the State Board of Administration.
The Program carefully monitors the performance of the investment managers against selected benchmarks determined by the Board with the assistance of Callan Associates. At any time, the Board reserves the right to change investment managers and/or the selected benchmark in order to offer the best possible array of choices.
The following chart lists individual investment managers, along with the portfolios and/or funds they manage.
| Age Based Portfolio* | Blended Equity Portfolio | Balanced Portfolio | Fund Managed (100%) | |
|---|---|---|---|---|
| Wellington Management Company, LLP | X | N/A | 50% | Fixed Income Fund |
| Federated Investors, Inc. (Florida PRIME) | N/A | N/A | N/A | Money Market Fund |
| AllianceBernstein, LP | X | 20% | 10% | Domestic Equity Index Fund |
| BMO Global Asset Management | X | 20% | 10% | Large Cap Growth Fund |
| Quantitative Management Associates, LLC | X | 20% | 10% | Large Cap Value Fund |
| AllianceBernstein, LP | X | 10% | 5% | Mid Cap Fund |
| Fiduciary Management, Inc. | X | 10% | 5% | Small Cap Fund |
| PanAgora Asset Management, Inc. | X | 20% | 10% | International (Developed Markets) Fund |
*Age Based/Years to Enrollment Portfolio includes managers indicated with (X). Percentages vary by the age of the Beneficiary. See Investment Options, for allocation information.
